Tuesday, February 7, 2023
Home Elder Law Eldercare Planning

Eldercare Planning

protect assets when spouse on medicaid

How to Protect Assets When Your Spouse Receives Medicaid

Many couples, in their golden years, find themselves wondering: What if one or both of them is admitted into a nursing home and needs Medicaid? After saving throughout their lives, they are fearful that if...
give kids house if qualify for medicaid

Can I Give My Children the Home and Still Qualify for Medicaid?

Q: I want to give my home to my children now and yet continue living there for as long as possible. Will I still be eligible for Medicaid if I need nursing home care in...
medicare premium write-off

Don’t Overlook Write-Offs for Medicare Premiums

Many seniors (and their families responsible for filing tax returns for them) have gotten into the habit of just claiming the standard deduction instead of itemizing. That's because seniors typically pay little or no mortgage...
long term care insurance deductible

Advantages of Qualified Long Term Care Insurance

Owners of qualified long-term care policies are eligible for some important federal income tax breaks. Here are the details of two benefits policy holders get from Uncle Sam. 1. Benefit Payments Are Usually Federal Income Tax-Free In...
long term care medicare

Important Issues You Should Know in Medicaid Planning

What's your worst financial nightmare? For many elderly people and their families, it's seeing a lifetime's worth of savings evaporate in a short period of time if one spouse, or both, is forced to move...
hybrid trust

Expecting Medicaid or Government Benefits? Consider a Hybrid Trust

Is this your situation? You worked hard all your life. You saved for a rainy day and retirement. Now, you are at that time in your life where you need to consider what may happen...
reverse mortgage

Tax-Smart Cash Flow Solution for Seniors with Appreciated Homes

Many older people own hugely appreciated homes but are short of cash. A side effect of large appreciation is the fact that selling the property to raise cash will trigger a gain well in excess of...
long-term care planning

Fear Factors in Elder Care Planning

The fear of many elderly individuals -- perhaps even yourself or someone in your family -- is that nursing home costs will consume their life savings before they can be passed to their heirs. This concern...
medical expense tax deductible

Deductible Medical Expenses for Seniors

The older people get, the more medical expenses they tend to incur. The only saving grace is the expenses may add up to a federal income tax deduction. Specifically, you can deduct medical expenses you are...
in-home care as tax deduction

When Can In-Home Care be Deducted as a Medical Expense?

The U.S. Tax Court provided some insight into the question of the deductibility of in-home care of a disabled individual. The case involved an elderly woman with dementia who stayed in her home with...